Independent Bank Group (NASDAQ:IBTX) Posts Earnings Results, Beats Expectations By $0.02 EPS

Independent Bank Group (NASDAQ:IBTX) issued its earnings results on Wednesday. The bank reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02, Briefing.com reports. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The firm had revenue of $252.52 million for the quarter, compared to analysts’ expectations of $120.25 million. During the same quarter last year, the firm earned $0.82 earnings per share.

Independent Bank Group Price Performance

Shares of IBTX traded up $2.65 during trading hours on Thursday, hitting $57.78. 166,619 shares of the company were exchanged, compared to its average volume of 265,527. The firm has a fifty day simple moving average of $46.45 and a 200-day simple moving average of $45.18. The company has a market capitalization of $2.39 billion, a PE ratio of 22.92 and a beta of 1.41. Independent Bank Group has a one year low of $34.50 and a one year high of $58.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IBTX. Hovde Group reduced their price objective on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 24th. Piper Sandler raised Independent Bank Group from an “underweight” rating to an “overweight” rating and boosted their price objective for the company from $38.00 to $58.00 in a report on Friday, May 31st. Keefe, Bruyette & Woods upped their target price on Independent Bank Group from $46.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, July 9th. Stephens reaffirmed an “overweight” rating and set a $55.00 target price on shares of Independent Bank Group in a report on Tuesday, April 23rd. Finally, Truist Financial decreased their price objective on Independent Bank Group from $50.00 to $48.00 and set a “hold” rating for the company in a report on Monday, July 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $53.83.

About Independent Bank Group

Independent Bank Group, Inc, through its subsidiary, Independent Bank provides various commercial banking products and services to businesses, professionals, and individuals in the United States. It accepts various deposit products, including checking and savings accounts, demand deposits, money market accounts, and certificates of deposit.